Morgan Stanley Boosts Bank of New York Mellon (NYSE:BK) Price Target to $97.00

Bank of New York Mellon (NYSE:BK) had its target price increased by analysts at Morgan Stanley from $90.00 to $97.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective would indicate a potential upside of 16.43% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Evercore ISI boosted their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research note on Thursday. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Saturday, December 14th. Wells Fargo & Company upped their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, The Goldman Sachs Group raised their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $83.31 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average of $78.74 and a 200-day moving average of $72.08. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $83.67. The company has a market capitalization of $60.57 billion, a P/E ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the company posted $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, equities research analysts predict that Bank of New York Mellon will post 5.87 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds have recently modified their holdings of BK. FMR LLC raised its position in Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares during the last quarter. Wellington Management Group LLP grew its holdings in Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares during the last quarter. Marshall Wace LLP increased its position in Bank of New York Mellon by 99.4% in the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after acquiring an additional 1,311,969 shares during the period. Zacks Investment Management bought a new position in shares of Bank of New York Mellon during the third quarter valued at $62,589,000. Finally, State Street Corp grew its stake in shares of Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.